On the last blog post, we asked whether Chain Reaction Cycles had returned back to the top place as the worlds number one bike shop after their 2014 turnover was released and the term largest bike store used by media as well as themself.
You never doubted that Wiggle would lose their lead, and their financial data is out – according to Bicycle Retailer (US trade publication), Wiggle has £179 million in sales in 2014 compared with £153 million for Chain Reaction Cycles (CRC). The most important metric is turnover, so Wiggle retains the claim of being the world’s biggest bike shop.
We reported that Wiggle list 12,000 products which is based on their inventory which is available to Smart Cyclist. This is just a fraction of the 66,000 products from CRC. Bicycle Retailer however reports that Wiggle have 50,000 SKUs – which are Stock Keeping Units, but again this doesn’t provide enough information to accurately use and compare because of product variations such as colour and size. For example, if Wiggle have 12,000 products and with variations there are 50,000 units, CRC have 66,000 products – but are these the ‘units’ and variations or are there four times the number of SKUs? This is not clarified.
While information for public release is generally carefully considered, and thus tends to be scarce, the report does however provide insights into sales in different territories.
…sales were up 26 percent in the U.K. and 20 percent in Europe over the period, but down 13.1 percent in the rest of the world.
Certainly currency exchange has a role, but also competition from the growing number of online retailers now servicing local markets (who can be competitive and offer even faster delivery).
What is interesting is the growth, CRC had 6% growth while Wiggle recorded 12% growth which is certainly a reflection on their continuing commitment to brand promotion and awareness.